User talk:WESR
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- Tim Doyle, TaxAlmanac Moderator 11:52, 9 February 2006 (CST)
WESR:
I noticed the response you made on 2/23/06 to the question posed regarding whether a taxable gain from the sale of a passive activity (rental) could be used to offset prior year unallowed passive activity losses from other passive activities (rentals). Before I began to research this subject today, my gut feeling was only current year PAL's from other rentals could be applied to the passive gain from the sale of another rental. The 2005 "Gear-Up" 1040 class outline agrees with your response, stating that a gain from the sale of a passive activity can be applied against both current year and prior year PAL carryovers from other passive activities. I reviewed the PAL code & regs today and really can't find anything confirmation that is directly on point. Can you give me a reference - IRC section, reg, or another statutory source, that supports your 2/23/06 response stating that prior year unallowed losses from other passive activities can be applied to the realized gain from the current year sale of another passive activity, assuming there is gain left over from this activity after applying the PAL's attributable to this property.
Edward F. Elordi ed@elordicpa.com
Splitting LTCL among beneficiaries
WESR: Thanks for your very helpful post. I am filing a 1041 on my mother's estate. Thanks to your post, I will be able to take advantage of a LTCL I did not know existed. I have two questions:
1. I put the proceeds from the sale of the house into a CD which earned $10K in interest. Can I set off the LTCL against this interest?
2. How do the beneficiaries take advantage of the LTCL on their tax returns?
I know these are basic questions and I apprecite any assistance you can provide.
vr
Falkanat1
